Riverwatch II is a 58-unit new construction mixed-income multifamily community located in Elkridge, Maryland. Of the 58 units, 15 will be restricted at 30% of AMI covered by a project-based voucher contract, 15 will be restricted at 40% of AMI, 15 will be restricted at 50% of AMI, and 13 will be market rate. The property is located on 3.07 acres of land and will consist of four separate townhouse-style buildings and one elevator-serviced community building with a clubhouse, on-site leasing office, and handicapped accessible units. Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $7,666,400 at a fixed interest rate with a 40-year term. Additional sources include $11,954,306 from the sale of 9% low income housing tax credits (LIHTC) and a $2,800,000 contribution from Howard County.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
